E24-4 Top managers of Wang Industries predicted 20X4 sales of 145,000 units of its product at a unit price of $7. Actual sales for the year were 140.000 units at $8.50 each. Variable expenses were budgeted at $2.20 per unit, and actual variable expenses were $2.25 per unit. Actual fixed expenses of $420,000 exceeded budgeted fixed expenses by $10,000. Prepare Wang's income statement performance report in a format similar to Exercise 24-3. What vari- ance contributed most to the year's favorable results? What caused this variance?